The Richman Group of California Breaks Ground on 23-Story Mixed-Use Apartment Tower in Downtown San Diego

Located directly across from the San Diego Central Library, K1
features 222 apartments, 7,000 square feet of commercial space and an
adjoining mixed-use, low-rise annex designed by famed library architect
Rob Wellington Quigley, FAIA

SAN DIEGO–(BUSINESS WIRE)–The Richman Group of California Development Company has broken ground on
K1, a mixed-use development that includes a 23-story luxury residential
tower with 222 apartments, more than 7,000 square feet of ground floor
commercial space and parking for 317 vehicles. K1 also features an
adjoining low-rise building, playfully called The Sliver, which will
include two penthouses, a restaurant and urban garden. Completion of the
project, which is located directly across from the Downtown Central
Library, is scheduled for early 2020. Development costs for the
422,793-square-foot project, exceed $100 million.

K1 occupies most of the block bounded by Park, 13th, J and K streets in
Downtown’s East Village neighborhood. It is less than three blocks from
Petco Park.

Architectural highlights include a two-story “Sky Lounge” on the 19th
floor, a resort-style pool area with spa and fire pits on the
fifth-floor podium level and adjoining two-level recreation center with
lounge, demonstration kitchen and gym.

“The site’s spectacular location – across the street from the Central
Library and along the Bay-to-Park Link that joins San Diego Bay with
Balboa Park – deserves an iconic project that complements the library
and encourages public engagement,” said Luke Daniels, president of The
Richman Group of California, part of the The Richman Group, the nation’s
seventh largest apartment owner.

Quigley, whose Central Library design became an instant San Diego icon,
designed the project’s secondary structure, ‘The Sliver,’ as an
idiosyncratic, playful building to animate and give life to the tower.
It features an energetic restaurant space that includes generous outdoor
seating and two architecturally striking mid-rise penthouses.

The tower is designed to include 58 studios, 87 one-bedroom units and 77
two-bedroom units, and six levels of secure parking.

Landscape architects Spurlock Poirier has surrounded the project with
inviting gardens and a wide promenade along Park Boulevard. The
ground-level commercial space is planned to open onto a new public park,
diagonally connecting K Street with upper 13th Street.

“We were fortunate to have assembled such an illustrious design team,”
said Preston Underdown, director of development for The Richman Group of
California. “The tower blends beautifully with library next door and
gives it breathing room. Rob Quigley provided invaluable insight to the
project and added some unique architectural elements that will become
the soul of K1 and a valuable community attraction,” he added.

K1 is The Richman Group’s second major Downtown San Diego residential
project to break ground in the past year. Last May, The Richman Group
broke ground on another Richman Signature Property, F11, a seven-story
luxury apartment/retail mixed-use development, located on the north side
of F Street between 11th Avenue and Park Boulevard. F11 with
99 units is scheduled to open in mid 2018.

The four-year-old Richman Group of California is also nearing completion
on Sage, a five-story apartment community in Cerritos with 132
market-rate apartments and deluxe recreational amenities. Leasing for
the first phase of apartments at Sage is scheduled to start this summer.

In addition to market-rate residential apartment properties, The Richman
Group of California develops affordable apartment communities. Last year
it completed construction on Ventana, a 95-unit affordable seniors
community, located at 345 Commonwealth Avenue in downtown Fullerton,
Calif. The six-story, 130,000-square-foot midrise building was 100
percent leased upon completion.

Since its inception in 2014, The Richman Group of California has
completed or started construction on 550 units and expects to have more
than 750 units in production by yearend, including two new projects in
Ventura County and Contra Costa County.

About The Richman Group

Founded in 1987, The
Richman Group has grown into one of the nation’s largest privately
owned residential real estate investment, development and asset
management firms. The Richman Group has virtually every expertise
in-house, from architects to property managers. The company is
headquartered in Greenwich, Connecticut, and has 15 regional offices,
serving communities in 49 states, Washington D.C., Puerto Rico, the
Virgin Islands and Guam. Richman Real Estate Investments Inc. has raised
almost $10 billion in equity for investment in almost 1,400 apartment
projects. Richman Property Services Inc. manages more than 14,000 rental
units. Richman Asset Management Inc. provides asset management services
to nearly 100 public, private and institutional real estate investment
funds, which own approximately 115,000 residential units. The Richman
Group of California is located at 7817 Hershel Ave., Suite 102, La
Jolla, Calif. 92037.